New York manufacturing sector deteriorates in July

Business conditions in the New York region deteriorated in July, according to a survey from the New York Fed.

The Empire State manufacturing index fell five points in July to 0.6, missing expectations for a reading of 6. A reading above zero indicates an expansion.

The new orders index and the shipments index both fell to levels not far from zero, an indication that orders and shipments were little changed.

Meanwhile, the index for future business conditions fell six points to 29.2.